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Senate Moves to Punish China for Yuan's Low Value

Asia Today: The U.S. Senate voted to begin a debate on whether China has kept its currency artificially weak and Korean markets head south. Hearings continue to decide whether Apple will win a temporary sales ban on Samsung's Galaxy Tab 10.1 in Australia.

By

Naftali Bendavid And

Bob Davis

October 4, 2011

WASHINGTON—The Senate voted Monday to move ahead with a bill that would punish China for keeping the value of its currency low, drawing a harsh response from Beijing, which said the measure would severely hurt trade ties.

The bill, which lets lawmakers deflect some of the blame for the sour U.S. economy on another country, advanced in the Democratic-controlled Senate with a strong bipartisan vote of 79-19. But it has uncertain chances in the Republican-controlled House. Supporters complain that China's yuan is...